Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
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If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
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As long as the pandemic continues, nonprofit boards must be on their toes. Budgets and financial statements, in particular, may alert your board to impending trouble. Here’s what members should look for.
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Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
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It may seem easier to put money into a traditional IRA than it is to take money out. Here are some of the ins and outs of the IRA distribution rules.
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Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.
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Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
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If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
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Internal auditors can provide assurance that a nonprofit’s internal controls are effective at minimizing risk. But audits have a lot more to offer, including strategic insights. Read on.
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Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
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Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
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Nonprofits are obligated to use resources to support their mission and benefit those they serve. Here’s why insisting on accountability is one of the best ways to meet those goals.
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Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.
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Employees pay Social Security tax on their wages up to the current tax year’s “wage base..” The Social Security Administration just announced the base amount for 2021.
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Even if your nonprofit is weathering 2020’s multiple storms, your staffers may be anxious. Make sure you’re clear about where you stand and how you expect your organization to fare financially in the future. Here’s how.
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Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
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The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
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Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
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With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
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The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
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